OSC 2009

The applicant sought approval for the merger of Sentry Select 40 Split Income Trust into Sentry Select Canadian Income Fund, and relief from certain prospectus and financial statement delivery requirements under National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because the funds had different investment objectives and fee structures, and the merger was to be completed on a taxable basis.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the delivery of a tailored simplified prospectus and clear disclosure on how to access financial statements.

The applicant investment fund sought exemptive relief from the requirement under section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value daily, given its use of specified derivatives.

The Ontario Securities Commission granted the exemption, permitting the fund to calculate its net asset value on a weekly basis, provided the fund discloses the weekly calculation and its availability to the public in its prospectus.

The applicant, K.J. Harrison & Partners Inc., applied on behalf of existing and future mutual funds for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the applicant sought exemptions from the prohibitions against providing a security interest over a mutual fund's assets, selling securities short, and depositing assets with an entity other than the fund's custodian.

The principal regulator granted the requested relief, permitting the funds to engage in short-selling up to 20% of their net assets, subject to strict conditions regarding cash cover, internal controls, and disclosure to securityholders.

Silverstone Resources Corp. applied to the Ontario Securities Commission and other jurisdictions for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 51 security holders in Canada and are not traded on a marketplace.

The Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The applicant sought exemptive relief on behalf of a closed-end fund from certain provisions of National Instrument 81-102.

The relief was requested to permit the fund, which invests primarily in physical gold bullion and is convertible into an exchange-traded fund, to deviate from restrictions on gold purchases, transmission of purchase and redemption orders, issuing units for cash or securities, calculation of redemptions, and setting record dates for distributions.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding prospectus disclosure, acceptance of physical gold bullion, and compliance with TSX requirements for distribution record dates.

The Applicant, Certicom Corp., applied for a decision under the securities legislation of multiple Canadian jurisdictions that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada, and that its securities are not traded on a marketplace.

The Ontario Securities Commission granted the application, ordering that the Applicant is not a reporting issuer.

The filer, a foreign investment fund, applied for exemptive relief to prepare its financial statements using International Financial Reporting Standards (IFRS) and to have them audited using International Standards on Auditing (ISA), rather than Canadian GAAP and GAAS.

The filer also sought relief from the seed capital requirements for commodity pools.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investment manager maintain a minimum excess working capital and not redeem its initial seed capital until the fund receives $5.0 million from other investors.

The Filer applied for exemptive relief from certain requirements of National Instrument 81-101 and National Instrument 81-102.

The Filer is structured similarly to a closed-end fund but is considered a mutual fund for securities law purposes.

The Ontario Securities Commission granted the requested exemptions, allowing the Filer to use a long-form prospectus, bear offering expenses, borrow money to pay offering expenses, and deviate from standard mutual fund redemption and compliance reporting requirements.

The applicant, United Financial Corporation, applied for exemptive relief under National Instrument 81-102 to permit the merger of several terminating mutual funds into corresponding continuing value and growth funds.

The mergers did not meet all criteria for pre-approved reorganizations because the investment objectives were not substantially similar and the mergers would not be implemented as tax-deferred rollovers.

The principal regulator granted the requested exemption, allowing the mergers to proceed.

The applicant, Mackenzie Financial Corporation, applied for exemptive relief to extend the lapse date for the renewal of the simplified prospectus of several mutual funds.

The extension was requested to accommodate operational changes resulting from a recent manager change and proposed fund mergers, avoiding the need for multiple prospectus filings and amendments.

The Ontario Securities Commission granted the requested exemption, extending the lapse date to May 29, 2009.

The Filer applied for an exemption from the requirement in section 3.1 of National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP.

The Filer sought to prepare its financial statements in accordance with IFRS-IASB for financial periods beginning on or after January 1, 2010.

The Ontario Securities Commission granted the exemption, subject to conditions including that the Filer provide specified disclosure regarding the change to IFRS-IASB and restate any interim financial statements originally prepared under Canadian GAAP in the year of adoption.

Toronto Trust Management Ltd., on behalf of the Friedberg Asset Allocation Fund, applied for exemptive relief from certain provisions of National Instrument 81-102.

The applicant sought permission for the Fund, a commodity pool, to engage in short selling of securities up to 25% of its net assets.

The Ontario Securities Commission granted the requested relief, subject to several conditions including cash cover requirements, internal controls, and specific prospectus disclosures.

The applicant sought exemptive relief from the Ontario Securities Commission under National Instrument 81-102 to permit the merger of Sarbit US Equity Trust into IA Clarington Navellier U.S. All Cap Fund.

The merger required approval because it did not meet all pre-approval criteria, specifically as it was not a qualifying exchange under the Income Tax Act and the continuing fund's current simplified prospectus and financial statements would not be sent to terminating fund unitholders.

The Commission granted the requested relief, subject to conditions including the provision of a tailored simplified prospectus and clear disclosure on how to access financial statements.

The applicant, Mackenzie Financial Corporation, applied for an extension of the lapse date for the distribution of securities of several mutual funds under their simplified prospectus.

The extension was requested to permit continued distribution until the funds could be merged, avoiding the cost and confusion of renewing the prospectus for a short period.

The Ontario Securities Commission granted the requested exemptive relief, finding that the extension would not affect the currency or accuracy of the prospectus information and would not be prejudicial to the public interest.

The applicant, an investment fund that uses specified derivatives, applied for exemptive relief from the requirement under section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value on a daily basis.

The Ontario Securities Commission granted the exemption, permitting the fund to calculate its net asset value on a weekly basis, provided its Class A Units are listed on the TSX.

The applicant, Claymore Investments, Inc., applied on behalf of Claymore Gold Bullion Trust for exemptive relief from dealer registration requirements, underwriter's certificate requirements, and take-over bid requirements.

The relief was sought in connection with the fund's conversion from a closed-end fund to an exchange-traded fund.

The Ontario Securities Commission granted the requested exemptions, subject to compliance with Part 15 of NI 81-102 and provided that normal course purchases on the TSX are exempt from take-over bid requirements.

The Filer, H&R Finance Trust, applied for exemptive relief from the requirement in section 2.2(3)(b)(ii) of National Instrument 44-102 Shelf Distributions.

The Filer's units are stapled to units of H&R Real Estate Investment Trust.

The Filer had previously been granted relief from certain continuous disclosure requirements, including the requirement to file an annual information form.

Without the requested exemption, a receipt for a base shelf prospectus would expire immediately before entering into an agreement of purchase and sale because the Filer does not have a current annual information form.

The principal regulator granted the exemption, subject to conditions including that the Filer continues to comply with its prior continuous disclosure relief and that its units remain stapled to the REIT's units.

The Manager applied on behalf of the Filer, a commodity pool, for exemptive relief from the investment restrictions in National Instrument 81-102.

The relief sought to permit the Filer to make an indirect investment in securities of another commodity pool that is not subject to National Instrument 81-101.

The principal regulator granted the requested relief, subject to conditions ensuring compliance with other provisions of National Instrument 81-102 and adequate disclosure to investors.

The filer, Jones Heward Investment Counsel Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds for several exchange-traded funds.

The requested relief included exemptions related to the transmission of purchase and redemption orders, accepting a combination of cash and securities for subscriptions, redeeming units at a discount to market price, and establishing record dates for distributions.

The Ontario Securities Commission granted the requested exemptive relief, subject to specific conditions.

The applicant, IGM Financial Inc., applied for exemptive relief from the take-over bid and insider bid requirements in connection with its acquisition of the outstanding shares of Investment Planning Counsel Inc. (IPCI).

IPCI is a non-reporting issuer whose shares are held by financial advisors.

The Ontario Securities Commission granted the exemption, treating the financial advisors similarly to employees for the purpose of satisfying the non-reporting issuer exemption.